
The insurance market in Albania closed 2023 with an increase of about 8.8% compared to the previous year. The data published by the Financial Supervision Authority (AMF) show that last year Albanians paid almost 220 million euros for life, health, property and car insurance. Contracts also increased significantly by 10.63%, to 1.466 million.
The market remains oriented towards Non-Life insurance, which brought 91.82% of the total volume of premiums, Life insurance with 8.12% and reinsurance 0.06%. From the point of view of market division by type of insurance, compulsory and voluntary, the gross written premiums of voluntary insurance occupy 38.94% and the gross written premiums of compulsory insurance occupy 61.06% of the total market.
During 2023, gross paid claims in the insurance market reached about 6,959 billion ALL. Compulsory motor insurance premiums during 2023 reached about ALL 13,980 billion, or 6.94% more than in 2022. The domestic MTPL product had an increase of 8.20% in the volume of gross written premiums. This was also accompanied by an increase in the number of contracts of 9.21% compared to the same period of the previous year.
The Green Card product in 2023 had an increase of 1.16% in the volume of gross written premiums. While contracts experienced a significant increase of 38.10% compared to 2022. The Border Insurance product recorded a 1.11% increase in the volume of gross written premiums, as well as 11.58% in the number of contracts.
These two products clearly show the tendency of Albanians to move abroad for vacations. But, on the other hand, the impact that the devaluation of the euro has had throughout the year on revenues, which registered a modest increase in value, unlike the number of contracts.